|Name of notice||Financial Markets Conduct (Restricted Schemes – Custodian Assurance Engagement) Exemption Notice 2020|
|Gazette Notification Date||2020-03-24|
|Date In Force||2020-03-31|
|Act||Financial Markets Conduct Act 2013|
|Type||Class Exemption Notice|
The notice exempts certain custodians of eligible restricted schemes from the requirement to obtain an assurance engagement. Download the notice PDF.
A scheme will be eligible scheme where—
For the custodian to rely on the exemption, the administration manager must—
The assurance report and certificate must be given to the custodian and copies provided to the FMA. If the assurance report is qualified then the custodian won’t be able to rely on the exemption again until certain steps have been taken to resolve the reasons for the qualification or the custodian has obtained an assurance engagement for a subsequent period.